Re:Struggling towns printing their own cash
Jefferson didn't care for banks.
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson, (Attributed)
3rd president of US (1743 - 1826)
In 1819 cotton went from 30 cents a pound to 14 cents a pound.
This led to a run on state chartered banks where the banks printed paper money was redeemed for specie, eg. gold and silver coins.
The US Federal bank also redeemed its holdings of state bank paper for gold and silver.
The federal government reacted by passing debt relief bills that forced people to accept paper money as payment despite the fact it was often worthless.
The people responded by proclaiming Jefferson's earlier warning as correct, and called to dissolve the charter of all banks in the US.
History is important because history tends to repeat itself.
Happened again during the great depression to some degree.
Is it about to happen again?
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